1. Field of the Invention
The present invention relates to an apparatus and method for dispensing certificates to be used for obtaining goods or services and more particularly to an apparatus and method for vending such certificates from terminals in communication with a central processing mechanism.
2. Background of the Invention
Due to increasing time constraints in the lives of busy people, certificates for use in obtaining goods or services have emerged as a viable alternative to the purchase of a gift certificates used as gift certificates offer many advantages over the purchase of a gift. If the gift giver is unsure of the needs of the recipient, a gift certificate offers a wide range of goods or services from which the recipient can choose. Gift certificates also remove the hassle of exchanging a gift without a receipt.
Currently gift certificates can be purchased only at retail locations or through catalog houses. This makes the purchase of a certificate less convenient and, therefore, reduces its value to the consumer.
A similar convenience problem was recognized and addressed in the banking industry. One of the solutions was the development of Automatic Teller Machine (ATM) devices. ATMs have become popular for handling simple repetitive transactions such as the dispensing of currency. The widespread acceptance of ATMs has created an educated consumer willing to conduct transactions through a vending device accessed by a credit card.
A similar type of device has been applied to the airline ticketing industry. U.S. Pat. No. 4,818,854, issued to Davies et al. discloses an automatic ticket handling machine used for vending airline tickets. The consumer approaches the machine, inserts a credit card into the card reader, enters a ticketing request through a touch screen and receives a printed ticket. The machine automatically verifies the credit card and debits the account.
The certificate industry has special requirements that make development of an automatic transaction machine difficult. Certificates are similar to currency in their ease of use and anonymity. Steps must be taken to prevent the use of stolen credit cards in the procurement of certificates and to secure paper stock to make forging of certificates difficult.
It is apparent that there is a need for a device that can dispense gift certificates while maintaining a high level of security.